CCH CorpSystem Sponsors New Report On Effective Sales And Use Tax Management
RIVERWOODS, Ill., June 23 /PRNewswire/ -- CCH, a Wolters Kluwer business and a leading global provider of tax, accounting and audit information, software and services has sponsored a new report, Effective Sales and Use Tax Management: Reducing Errors and Increasing Productivity . CCH, under the CorpSystem brand, delivers integrated sales and use tax solutions that help manage compliance deadlines and risks, improve productivity and increase efficiency ( CCHGroup.com).
The report, undertaken by Aberdeen Group, a Harte-Hanks Company (NYSE: HHS), found that top companies were able to dramatically reduce their corporate risk profile, and maintain sales and use tax (SUT) and / or value-added tax (VAT, for multi-national companies) compliance, by leveraging automated tax management tools. These tools range from tax calculation engines, filing and remittance systems, to audit control solutions. Gaining visibility to state, regional or jurisdictional SUT requirements, while having capabilities to assess level of audit exposure and risk, has been a core priority among companies across all industries. As such, there is a continued need to leverage new technologies and services available to support SUT compliance initiatives.
The report found that the use automated tax calculation, preparation, filing and remittance is becoming more pervasive in a globalizing economy. Though such solutions are available, the benefits of audit exposure and compliance risk reduction can only be realized if these technologies are aligned with process improvements. Over 100 companies were surveyed between March and April of 2010 to identify best practices and current capabilities in transaction tax management. The top-performing companies demonstrated that to achieve a high-level of success in managing indirect taxes (e.g., SUT and VAT) a strategic combination of process re-engineering and software automation should be implemented.
"Top-performing companies are growing steadily to include new sales territories and supplier relationships each day. With more responsibilities ahead to comply with the multitude of dynamic tax rates, Best-in-Class companies need to continue to leverage automated tax solutions to stay competitive," explains William Jan, Senior Analyst of Financial Management & GRC at Aberdeen Group. "Dedicating staff time to work with government auditors and / or correct tax mistakes creates additional operating costs – funds that could otherwise be invested in more productive activities. Best-in-Class companies demonstrate significant year-over-year cost reductions in audit penalties, fines, overpayments and corrective labor."This report is designed to provide guidance on effective SUT management in light of a heavily dynamic transaction tax environment.
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